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ML222
November 28, 2022
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*QBO Projects* - Do "Hourly Cost Estimates" go onto my ledger / financial statements? (Please say no)

  • November 28, 2022
  • 1 reply
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I work for a nonprofit using QuickBooks Online Plus. I want to start using Projects to track grants, but I have a specific question before I do. I was reading this article about entering labor costs in Projects, but it was not clear to me: 

 

If I enter Labor Costs using "Hourly Cost Estimates" (instead of QBO Payroll), does it affect my financial statements? Or are "Hourly Cost Estimates" I enter in Projects only counted within my project reporting? 

 

Obviously, I want the Labor Costs for a project included in the Project tracker of expenses, but I want to make sure that the "Hourly Cost Estimates" are merely estimates, and that whatever info I enter as an "Hourly Cost Estimate" will not also go onto my ledger, financial reports, etc. and effectively double-count my payroll expenses. I use a separate Payroll vendor instead of QuickBooks, which I am pleased with, however, it means that my QBO Projects won't automatically calculate insert billed to those projects and I probably have to use "Hourly Cost Estimates" if I want to use the Project feature at all.

 

Is anyone able to speak to this for me?

 

Thanks in advance!

Best answer by SarahannC

Hello there, ML222.

 

I'm here to ensure you'll know what will happen when we record labor costs using Hourly Cost Estimates in QuickBooks Online.

 

No, it will not affect your ledger and financial statements when we add an hourly cost estimate to a project. An hourly cost estimate will only fall within your project reporting. Also, the Activities by Employee Detail report and Recent/Edited Time Activities report will generate details with the added hourly cost estimate. Other than the reports mentioned, it'll not populate. 

 

If you want to gather additional help and details from our Live Support, we can contact them within your QBO account. Go to the Help menu and select Contact us. 

 

Still, I'd recommend using these articles for additional information about the Project feature:

 

 

Please let me know if you have additional questions while doing tasks within the Project tab. I'm here to provide the details you need and help you in any way I can. Take care and stay safe.

1 reply

S
SarahannCAnswer
November 28, 2022

Hello there, ML222.

 

I'm here to ensure you'll know what will happen when we record labor costs using Hourly Cost Estimates in QuickBooks Online.

 

No, it will not affect your ledger and financial statements when we add an hourly cost estimate to a project. An hourly cost estimate will only fall within your project reporting. Also, the Activities by Employee Detail report and Recent/Edited Time Activities report will generate details with the added hourly cost estimate. Other than the reports mentioned, it'll not populate. 

 

If you want to gather additional help and details from our Live Support, we can contact them within your QBO account. Go to the Help menu and select Contact us. 

 

Still, I'd recommend using these articles for additional information about the Project feature:

 

 

Please let me know if you have additional questions while doing tasks within the Project tab. I'm here to provide the details you need and help you in any way I can. Take care and stay safe.

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